Auditors Slash DSME’s Loss

Korea Exchange-listed shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) has reported a lower full-year loss following an audit of the company’s financial figures.

The company said in an exchange filing today that its full-year loss for 2015 was cut to KRW 3.31 trillion (USD 2.83 billion), substantially lower from KRW 5.13 trillion previously announced.

DSME added that its operating loss was reduced from KRW 5.5 trillion to KRW 2.94 trillion.

Despite lower figures, the company is still far from its profit reported over the previous few years.

Nevertheless, the shipbuilder hopes for a turnaround this year as it projects KRW 500 billion (USD 415 million) in operating profits for the first quarter of this year.

The expectation stems from the company’s major restructuring efforts including cost-cutting measures which are projected to bring about job cuts ranging from 12,000 to 30,000 by 2019.

The cuts are expected to be implemented gradually across the board.

World Maritime News Staff

Share this article

Follow World Maritime News

Posted on March 25, 2016 with tags , .

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >